Bitcoin analysis - short term idea (longer term included)

15 ago

I've been on a losing streak recently for day trades, but I am optimistic about this trade idea! As illustrated in the chart (90 minute chart), the price of bitcoin is holding steady above 58k (last weeks value high). The orderbook also shows strong bids appearing at this price level (Green dashed line). The first visit to this level resulted in a sustained move up on Tuesday. This is a good sign that shows price is accepting this zone(58k to 62k) and is stabilizing/balancing within it. Just about an hour ago, the green dashed line was revisited. This also cleans up Monday's value area low. Based on this, I am positioned long. See chart for entry, target and stop loss.

This short term Bitcoin trade idea is backed by my longer term analysis I posted a little over a week ago. Chart link below for that.

Boost and follow for more ideas! Thanks!